There are 2 reasons I shoot raw:
- Highlight recovery
- Noise reduction benefit
A RAW contains uncompressed data from the image and contains more color information than a compressed jeepeg file. A RAW file is better suitable for adjustments because more data is available. For making color corrections, curves, contrast etc etc, best results can be obtained when done to the RAW file directly. Big enlargements for big prints or other work when you need a big file, enlargements can best be made directly from the RAW file as well.All other settings are applicable in JPEG, so there would really be no point to RAW (which truth be told is there because camera manufacturers were too lazy to make a perfect jpeg engine).
No matter how good OOC jeepegs are, there will always be a place for using RAw files but it depends on the end-usage of the file/ photo. I have made pictures on a congress for a clients and shooting jeepeg was perfect okee there.
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Cheers,
Marin